**Brandman Retail IPO: Market Brief** **Launch and Valuation** Brandman Retail Limited launched its initial public offering (IPO) on **Wednesday, February 4**, aiming to raise **Rs 86.09 crore** through a fresh issue of **48.91 lakh** equity shares. The price band is set at **Rs 167–176** per share. The issue will remain open for subscription until **Friday, February 6**, with a tentative listing on the NSE SME platform scheduled for **February 11**. **Subscription Status** On the first day of bidding, the issue saw a quiet start, garnering an overall subscription of approximately **0.29 times**. Retail investors showed moderate interest, subscribing **0.38 times**, while the Non-Institutional Investors (NII) portion was booked **0.44 times**. The Qualified Institutional Buyers (QIB) quota awaits bids, though the company successfully raised **Rs 24.49 crore** from anchor investors—including Sanshi Fund-I and Bharat Venture Opportunities Fund—during the pre-IPO round finalized on Tuesday. **Grey Market and Sentiment** Market sentiment remains cautiously optimistic. Unlisted shares are currently commanding a Grey Market Premium (GMP) of approximately **Rs 12**, translating to a premium of roughly **7%** over the upper price band. This aligns with early estimates of a **5%** listing gain, signaling stable but not aggressive speculative interest. **Business Profile** Brandman Retail operates as a key distributor for premium international lifestyle brands, most notably **New Balance**, under non-exclusive agreements. The company manages a mix of Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs) across northern India and plans to utilize the IPO proceeds to expand its retail footprint by launching **15 new outlets** and funding working capital requirements.